Transactions of sale of shares of a closely held company can be construed as transfer of land and short term capital gain is chargeable

Bhoruka Engineering Inds. Ltd. Vs DCIT (ITAT Bangalore)-  The whole transaction has been arranged in a sequential manner with M/s. Bhoruka Steel Ltd selling its landed property to BFSL for a nominal value of Rs. 3.75 crores ; BFSL never before doing any business other than financial services purchases the land for Rs. 3.75 crores ; immediately thereafter the assessee company and its entire group holding 98.73% of shares in BFSL selling the share holding to DLF­CDL for a consideration of Rs.  89,28,36,500/- without attracting any levy of taxation. This episode has been made possible by getti...